The People’s Bank of China is expanding its financial technology regulations to six new cities. In its announcement, the regulator stated that it will allow technology companies in these cities to explore the use of modern technology to financially empower the people and enterprises.
The fintech regulatory project kicked off in December 2019 in Beijing. The PBoC stated at the time that it aimed at speeding up the drafting of fintech regulations, and with Beijing being the capital, it was the perfect place to start. Now, the regulator is expanding the regulatory project to six more cities. These are Chongqing, Shanghai, Shenzhen, Hangzhou, Xiong’an New Area in Hebei and Suzhou.